9911796707
TMI Blog2021 (6) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 9-6-2021 - Sucharitha R., Member (J) And Satya Ranjan Prasad, Member (T) For the Appellant : Sanchari Chakorborty and Kumarjit Banerjee, Advs For the Respondents : Neha Sharma, Adv. ORDER Sucharitha R., Member (J) 1. This application is filed under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor i.e., M/s. Tuff Tubes (Orissa) Pvt. Ltd. This application is filed by M/s. Shyamshree Traders (P.) Ltd. through its Director, Mr. Saket Agarwal against the M/s. Tuff Tubes (Orissa) Pvt. Ltd. The applicant submits that for a sum of ₹ 1,65,86,165/- (Rs. One Crore Sixty-Five Lakhs Eighty-Six Thousand One Hundred and Sixty-Five ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor. 4. Under the terms of the M.O.U. dated 18.09.2018, a sum of ₹ 1,40,49,015/- (One Crore Forty Lakh Forty-Nine Thousand and Fifteen) was disbursed by the Financial Creditor. However, due to various circumstances, the acquisition of the assets of the Corporate Debtor as a going concern as per the terms of the M.O.U. dated 18.09.2018 could not be completed. Accordingly, the Financial Creditor vide a Letter dated 18.03.2018 called upon the Corporate Debtor to refund the disbursed amount to the tune of ₹ 1,40,49,015/- (One Crore Forty Lakh Forty-Nine Thousand and Fifteen) along with interest @ 12% per annum treating the same as a loan as per the terms of M.O.U. dated 18.09.2018. The Corporate Debtor vide its Letter da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing total sum of ₹ 1,65,86,165 (One Crore Sixty-Five Lakhs Eighty-Six Thousand One Hundred and Sixty-Five) due and payable by the Corporate Debtor and the Corporate Debtor has committed default in repayment of the amount. 7. The applicant/Financial Creditor has suggested name of one Mr. Giridhari Lal Sharma having Registration No. IBBI/IPA-001/IP-P00391/2017-18/10709 and Email [email protected] resident of A/1, P.C. Plaza, Bomikhal, Bhubaneshwar-751006, Odisha for appointment as an Interim Resolution Professional. This application is defect free. Hence, this application is admitted by following Order. ORDER (i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (v) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. (vi) The provisions of sub-Section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any Financial Sector Regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the Corporate Insolvency Resolution Process. (viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority appro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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